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Brokerages' overseas operations see profit gain in 2020

The headquarters of the Financial Supervisory Service in Seoul (Yonhap)
The headquarters of the Financial Supervisory Service in Seoul (Yonhap)
Overseas branches of South Korean securities companies saw their combined net profit rise 5.6 percent in 2020 from a year earlier due mainly to increased earnings from commission fees, data showed Tuesday.

The combined net profit of 70 overseas branches of 14 securities companies stood at $197.3 million in 2020, up $10.5 million won from 2019, according to the data from the Financial Supervisory Service.

The hike in net profit came on the back of increased interest income and earnings from commission fees.

Net profit of overseas branches of 14 securities has been on the rise since 2017.

At the end of last year, the total assets of securities companies' overseas branches stood at $49.4 billion, down 15.4 percent from a year earlier, the data showed. (Yonhap)

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